Uganda Clays gets acting managing director
The development follows Reuben Tumwebaze's exit, whose contract expired on January 31, 2026 and was not renewed.
Jones Muhumuza will serve in an acting capacity until a substantive managing director is appointed. (Courtesy photo)
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Uganda Clays Limited (the company) has appointed its head of finance, Jones Muhumuza, as acting managing director, effective February 1, 2026.
The development follows Reuben Tumwebaze's exit, whose contract expired on January 31, 2026 and was not renewed.
The appointment was announced in a notice to shareholders and the general public, in which the company confirmed that Tumwebaze had served as Managing Director since February 2021.
The notice, issued in accordance with Rule 36(2)(h) of the Listing Rules, 2025, was signed by board chairperson Eng. Martin Kasekende.
“The Board of Directors expresses its sincere appreciation to Mr Tumwebaze for his dedication and contribution to the Company during his tenure and wishes him success in his future endeavours,” the notice reads.
According to the Board, Muhumuza will serve in an acting capacity until a substantive managing director is appointed.
During Tumwebaze’s tenure, Uganda Clays continued to face financial challenges.
The company reported a net loss of shillings 4.95 billion in 2024, widening from a 2.85 billion loss in 2023.
Figures contained in the company’s annual report show that revenue increased modestly from shillings 30.4 billion in 2023 to 31.6 billion in 2024, reflecting relatively stable demand for clay tiles and bricks.
However, rising costs continued to weigh heavily on performance. Gross profit declined to shillings 8.2 billion from 8.6 billion, as operating and financing expenses increased.
Despite the sustained losses, Uganda Clays says it is banking on a 10-year strategic turnaround plan aimed at stabilising operations and returning the business to profitability.
Muhumuza is a financial and accounting professional with extensive experience in driving financial strategies, planning and analytics, assessing and reporting financial performance, overseeing IT systems, while ensuring that the Company adheres to the financial regulations and procedures.
He is a Chartered Certified Accountant holding a Master's in Business Administration (MBA) from Edinburgh Business School, Heriot-Watt University, PGD Taxation & Revenue (East African School of Taxation), BSC in Applied Accounting (Oxford Brookes University) B. Statistics (MUK), ACCA & CPA professional.